Islamic economics

Islamic economics (Arabic: الاقتصاد الإسلامي‎), is a term used to refer to Islamic commercial jurisprudence or fiqh al-mu'āmalāt (Arabic: فقه المعاملات‎), and also to an ideology that takes a middle ground between the systems of Marxism and capitalism, based on the teachings of Islam.

Islamic commercial jurisprudence entails the rules of transacting finance or other economic activity in a Shari'a compliant manner, i.e., a manner conforming to Islamic scripture (Quran and sunnah). Islamic jurisprudence (fiqh) has traditionally dealt with determining what is required, prohibited, encouraged, discouraged, or just permissible, according to the revealed word of God (Quran) and the religious practices established by the (Islamic) Prophet (sunnah). This applied to issues like property, money, employment, taxes, along with everything else. The social science of economics, on the other hand, studied how to best achieve certain policy goals, such as full employment, price stability, economic equity and productivity growth.